Best Debt Relief Companies in Virginia

77 Companies

8,394 Real Customer Reviews

4.7
Average User Rating

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9.8

Overall Score

  • Minimum of $10k in Debt to Begin Settlement
  • Track Progress in Client Dashboard
  • Zero Upfront Costs
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Freedom Debt Relief

  • Minimum of $10k in Debt to Begin Settlement
  • Track Progress in Client Dashboard
  • Zero Upfront Costs
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8.6

Overall Score

  • Zero Upfront Costs
  • Money-Back Guarantee
  • Minimum of $7.5k in Debt to Begin Settlement
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Pacific Debt Inc.

  • Zero Upfront Costs
  • Money-Back Guarantee
  • Minimum of $7.5k in Debt to Begin Settlement
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8.1

Overall Score

  • No Credit Score Requirement
  • Cancel Anytime With No Fees
  • Lower Interest Rates and Payment Consolidation
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Consolidated Credit

  • No Credit Score Requirement
  • Cancel Anytime With No Fees
  • Lower Interest Rates and Payment Consolidation
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8.1

Overall Score

  • Money-Back Guarantee
  • No Fees Until Settlement is Reached
  • Minimum Debt Requirement: $7.5k
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Accredited Debt Relief

  • Money-Back Guarantee
  • No Fees Until Settlement is Reached
  • Minimum Debt Requirement: $7.5k
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7.3

Overall Score

17 User Reviews

3 months ago

  • Fees: 10%
  • Minimum Debt Requirement: None
  • In Business Since 2010

SettleBankDebt.com

  • Fees: 10%
  • Minimum Debt Requirement: None
  • In Business Since 2010

7.3

Overall Score

17 User Reviews

3 months ago

  • Fees: 15-22%
  • Minimum Debt Requirement: $10k
  • In Business Since 1998
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Debt Rx

  • Fees: 15-22%
  • Minimum Debt Requirement: $10k
  • In Business Since 1998
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6.9

Overall Score

72 User Reviews

3 days ago

  • Minimum Debt Requirement: $10k
  • Fees: 17% of Total Debt
  • Not AFCC and IAPDA Accredited
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Fast Track Debt Relief

  • Minimum Debt Requirement: $10k
  • Fees: 17% of Total Debt
  • Not AFCC and IAPDA Accredited
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6.2

Overall Score

  • Plans From $10 per Month
  • No Credit Score Required
  • Free Consultation and Credit Counseling
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Accredited Debt Consolidation

  • Plans From $10 per Month
  • No Credit Score Required
  • Free Consultation and Credit Counseling
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6.0

Overall Score

198 User Reviews

6 months ago

  • Affordable Monthly Fees
  • Free Consultation and Credit Counseling
  • Not Available in All 50 States

DebtWave Credit Counseling

  • Affordable Monthly Fees
  • Free Consultation and Credit Counseling
  • Not Available in All 50 States

6.0

Overall Score

91 User Reviews

2 years ago

  • Free Consultation
  • Money-Back Guarantee
  • In Business Since 1998

Superior Debt Relief

  • Free Consultation
  • Money-Back Guarantee
  • In Business Since 1998
#1
  • Minimum of $10k in Debt to Begin Settlement
  • Track Progress in Client Dashboard
  • Zero Upfront Costs
Freedom Debt Relief has a minimum debt limit of $7,500, which is low in the debt relief industry. The company's main strength is debt settlement. One feature unique to Freedom Debt Relief is that it provides customers with a login to its client dashboard, which allows them to track their progress through the debt relief program. The company has received overwhelmingly positive debt relief reviews that highlight its friendly and supportive staff.
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#2
  • Zero Upfront Costs
  • Money-Back Guarantee
  • Minimum of $7.5k in Debt to Begin Settlement
Pacific Debt Inc. is a debt settlement company which holds major accreditations from the AFCC and the IAPDA. With some of the lowest prices in the industry, customers can expect to pay 15 to 25 percent of the total enrolled debt. Pacific Debt Inc. has no upfront fee and has a money-back guarantee. Pacific Debt Inc. has received many positive reviews praising its knowledge about the debt relief process and its qualified, professional debt experts.
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#3
  • No Credit Score Requirement
  • Cancel Anytime With No Fees
  • Lower Interest Rates and Payment Consolidation
Consolidated Credit is a credit counseling agency that helps customers manage debt without ruining their credit score. Consolidated Credit charges an upfront fee of $0-49 and a monthly fee of $0-69. A high number of positive customer reviews attest to its ability to save customers money. Featured in CNN, Forbes, and MSNBC, the company is able to reduce credit card debt by 30-50 percent. Request a free consultation for more precise pricing.
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#4
  • Money-Back Guarantee
  • No Fees Until Settlement is Reached
  • Minimum Debt Requirement: $7.5k
Accredited Debt Relief is a popular debt relief company known for its ability to provide quality debt settlement services. Like its name implies, the company is reputable and has accreditations from the IAPDA and the AFCC. Customer reviews praise Accredited Debt Relief for its kind and helpful employees. Its fees have been known to get as low as 15 percent and as high as 25 percent – the fee for a $10,000 debt would be between $1,500 and $2,500.
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#5
  • Fees: 10%
  • Minimum Debt Requirement: None
  • In Business Since 2010
Settle Bank Debt is not a traditional debt settlement company. Instead of suggesting customers default on payments, which lowers credit scores and forces the creditors’ hand, Settle Bank Debt only works with those who are already fit for settlement. Settle Bank Debt is designed for those who don’t have enough money to pay creditors and have low credit scores. Settle Bank Debt claims to charge customers just 7.5 percent of their enrolled debt.
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#6
  • Fees: 15-22%
  • Minimum Debt Requirement: $10k
  • In Business Since 1998
Accredited by IAPDA, Debt Rx has settled millions of dollars worth of customer debt and has done it at a low price. The company has been settling customer debt for many years and has extensive experience in negotiating with creditors. Debt Rx has a money-back guarantee, so if customers do not receive a settlement, they can get a refund. Debt Rx is only available in 37 states, so customers will need to call in to find out if they qualify.
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#7
  • Minimum Debt Requirement: $10k
  • Fees: 17% of Total Debt
  • Not AFCC and IAPDA Accredited
The highly experienced Fast Track Debt Relief team has received outstanding customer reviews. Though the company is missing important accreditations, customers should note Fast Track Debt Relief’s quality of customer service and money-back guarantee. Reviews highlight the company’s debt settlement expertise and professionalism. Its services are available in 37 states. Customers are encouraged to take advantage of the company’s free consultation.
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#8
  • Plans From $10 per Month
  • No Credit Score Required
  • Free Consultation and Credit Counseling
Accredited Debt Consolidation has received a high number of glowing reviews from past customers. Customer reviews illustrate that Accredited Debt Consolidation knows exactly how to plan for and handle a variety of debt problems. Through debt consolidation, Accredited may set your interest rate somewhere between 0 and 17 percent, a potentially high interest rate. However, the company does have lower monthly fees than most companies.
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#9
  • Affordable Monthly Fees
  • Free Consultation and Credit Counseling
  • Not Available in All 50 States
As a nonprofit credit counseling agency, DebtWave Credit Counseling offers many free resources and services for customers seeking debt relief. Customers can usually become debt free in as little as 3 to 5 years with DebtWave Credit Counseling. The company offers debt consolidation loans with low interest rates. DebtWave charges $10-49 per month and a one-time startup fee of $50. Customers can take advantage of free budgeting advice and resources.
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#10
  • Free Consultation
  • Money-Back Guarantee
  • In Business Since 1998
Superior Debt Relief charges customers a fee of 19 percent of their total debt (e.g. $1,900 fee for a $20,000 debt). The company seeks to settle debts in 12 to 36 months, which is quicker than most debt relief companies. Unfortunately, Superior Debt Relief is only available in 9 states. Customers who have qualified for Superior’s services have left highly positive reviews. Interested customers should seek a free consultation for exact terms.
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Important Things You Need to Know Before Choosing a Debt Relief Company

Debt relief options range from debt settlement, debt consolidation, and debt management to credit counseling, bankruptcy, and do-it-yourself programs.

These debt relief options are designed to deal with a wide variety of debt problems, namely credit card debt, student loan debt, debt from medical bills, and other types of unsecured debt. Because every person has a unique debt situation, your choice might be completely different from your friend or family member's choice of debt relief company.

You need to first understand the different options and then look into companies to pinpoint the perfect partnership for you. To get the best help for your burdensome debts, you should also consider the type of debt you owe, the amount, your credit score, and your financial ability to make monthly payments.

All of these factors are considered by debt professionals when designing plans for you to progress on the road to financial freedom. Weigh the various debt relief options against your personal financial situation to be able to choose the best debt relief company.

Remember to compare the best debt relief companies by how much experience they have in dealing with creditors, the ability to help you with any type of unsecured debt (credit card debt, student loan debt, etc.), and will have fewer fees than other debt negotiation companies.

Debt Consolidation

Debt consolidation is a general term used to describe combining multiple payments from different creditors into one monthly payment. It is important to note that debt settlement companies sometimes claim they are debt consolidation companies. Though they allow you to make one monthly payment rather than pay multiple creditors, the key difference is that they seek to settle your debts for less than you owe. Typical debt consolidation companies help you pay your debts in full with a lower monthly payment.

Process

There are many ways to consolidate your debt; however, debt consolidation companies tend to offer one of two services. The first is a debt management plan (DMP). This service is offered by credit counseling agencies. The second method is a personal loan. Some companies offer "debt consolidation loans," however this is often just another term for a personal loan. While debt consolidation is highly beneficial, it does rely on your personal responsibility. Debt consolidation is designed to help you change spending habits, and because of this, many customers do not fully complete the process.

Pros and cons

There aren't many downsides to debt consolidation, which is why it remains one of the most sought after methods of debt relief for customers. Take a look at the pros and cons of debt consolidation with a debt management plan:

Pros

  • Lower interest rate (than your previous payments)
  • Doesn't hurt your credit score
  • One payment each month
  • Budgeting tips and advice from credit counseling agency
  • Lower monthly payments

Cons

  • Long time to pay off debts (3 to 5 years)
  • Suggested that you cancel credit cards

Using a loan to consolidate debt offers may similar pros; however, the savings are dependent on the terms of the loan. Your creditworthiness is a large factor in interest rates and may not provide you with substantial savings.

Debt Settlement

Debt settlement is the process of negotiating with your creditors for a lower overall debt amount. Usually, consumers work with a debt settlement company to plan the best approach. Those who find themselves deep in debt with few or no other debt relief options will find debt settlement a life-saving option.

Process

The process typically begins with a free consultation with the company to discuss your financial situation, debt amount, and creditors. The company then makes a payment plan based on your situation. Over several months, you deposit a set amount into a specific savings account. Rather than paying your creditors, you place money into this account to build up a lump sum. Once you have enough money saved, the debt settlement company will negotiate with your creditor, trying to convince them to settle your debt for the accrued amount. If debt settlement is successful, it can lower your total debt amount, saving you thousands of dollars. Rather than paying your full balance, you may end up paying only 50 percent. Also, once a settlement is reached, you are completely finished with that particular creditor.

Pros and cons

Customers should know that debt settlement can hurt your credit score. Since you place money into a savings account rather than pay your creditors, your debts will become delinquent. Your score will drop during the process. Additionally, your debt will be marked “Settled” rather than “Paid in full” on your credit report.

Pros

  • Pay much less than total debt (30 percent to 50 percent)
  • Once you've settled a debt, you no longer have to worry about that creditor
  • Faster than other debt relief methods
  • Monthly payment into a special savings account

Cons

  • Not all creditors will settle
  • Negatively impacts your credit score (though still less than bankruptcy)
  • Some taxes may apply

Not all creditors are willing to negotiate, and they have no legal obligation to settle. If they are willing to settle, the terms are up to their discretion, therefore you may only save a small amount. Also, if you work with a debt settlement company, it often charges a percentage of your enrolled debt, which may also limit your savings. Though it is unlikely, you could be sued by your creditors. The settlement process can take two to four years to settle all of your debts. Finally, if you save over $600, you may be taxed on your forgiven debt. The only way to avoid this is if you are insolvent, i.e. your liabilities exceed your assets.

Free Consultation

Every debt relief company should offer a free consultation before you are required to sign anything. For credit counseling companies, there are sometimes free financial education courses involved. During the consultation, there are a number of things you need to find out to determine whether to choose the company in question. Refer to these suggestions when preparing for your free consultation:

Ask about the client-representative relationship. It is better to work with the same person throughout the debt relief process to allow for a more personal relationship and avoid mistakes in your debt case. In some cases, companies randomly assign customers to different debt professionals for each consultation.

Ask about projected prices for your case. Debt settlement companies will charge you a percentage of your enrolled debt (usually between 15 and 25 percent). If you owe $20,000 total in debt and your debt relief company saves you $10,000 but also charges 25 percent of your enrolled debt, you will end paying $10,000 to your creditors and $2,500 to the debt relief company. On the other hand, debt consolidation companies charge a monthly management fee for their debt management plan services. This fee varies by company and state.

Ask about all possible debt relief options. Though your debt relief professional might suggest one course of action, you need to be aware of all your options. Make sure your representative is open with you about your options.

 

How will debt relief affect my credit score and report?

It depends on if you choose debt settlement or debt consolidation. Debt settlement can lower your score but it does bounce back much faster than it would if you declared bankruptcy. If you opt for debt settlement, your debts will be marked as "settled" instead of "paid in full" on the credit report. If you decide to go with debt consolidation, there is usually an increase on your credit score as you pay off your debts. If you complete the entire program, your debts are paid in full.

How long will it take to pay off all my debt?

With debt settlement, you can usually pay off all of your debts within 24 to 48 months. With debt consolidation, it could be anywhere between 3 to 5 years.

What are the tax consequences of debt relief?

If you settled your debts for less than you owe, you may have to pay taxes on saved money over $600. However, if you are insolvent (have more debts than assets), you don't have to pay this. If you still are not convinced of debt relief due to possible tax penalties, try asking about it during your free consultation or research debt relief taxes further.

How do I know if a company is legitimate?

If a company is FTC compliant and accredited by professional organizations such as the AFCC, IAPDA, NFCC, etc., chances are it is a legitimate company. With these accreditations, companies are held to higher standards and company employees receive another level of training in debt relief strategies, often leading to higher customer satisfaction. If you do not trust these accreditation organizations alone, you can look at each company's social media comments (which usually house complaints/praises for most companies). To take your research a step further, review the top debt relief companies and their respective debt relief reviews.

Do I need to take out a loan to pay off my debts?

No. It is one of the more popular options, but you need a good credit score to qualify for a low-interest rate. If you really want to stick with a debt consolidation strategy that doesn't require you to have a high credit score to take out a loan, you can go with a credit counseling agency that provides debt management plans (DMPs) as opposed to a loan. Debt settlement is another option that does not require you to get a loan.

How do I know if debt settlement or consolidation is right for me?

This will depend greatly on your current financial situation. You will have to answer a few questions before finding the right option. For example, how much debt do you currently have? Are you close to paying it off? Is your debt delinquent? If you are falling behind on your payment and are unable to pay the full balance of your debt, debt settlement may be a good option for you, especially as an alternative to bankruptcy. On the other hand, if your accounts are still current, you want to protect your credit and your assets, and you want more manageable monthly payments, then debt consolidation is a great option. Take advantage of the free consultation offered by each company to discover which option is best. If you want to get a closer look at your options with debt consolidation, you can take this personal debt quiz.

Are all debt relief companies the same?

Not exactly. Most debt relief companies claim to provide all debt relief services but most have specialties. For example, a credit counseling agency can provide you with debt management plans while companies that focus on debt settlement probably don't offer DMPs. Additionally, some debt relief companies are non-profit while others are for-profit.

Can I pay off my debts on my own?

Yes, there are many do-it-yourself methods, but most people need help to navigate the complexities of debt relief strategy. Additionally, you may find savings on your own, but you are much more likely to cut a greater number of debts with the help of a debt relief expert.

Is debt relief better than bankruptcy?

Debt relief is usually a better option than bankruptcy. More specifically, debt consolidation is much better than bankruptcy, but the real question is whether to use debt settlement as opposed to bankruptcy. Bankruptcy can decrease your credit score 160 to 220 points and can stay on your credit report for 10 years.

What types of debt can I enroll in these programs?

Most companies only offer programs that accept unsecured debt (credit card debt, some student loan debt, unsecured personal loans, etc.). However, there are a very limited number of companies that do provide debt relief services for secured debt. You will have to talk to each company for details on which types of debt can be enrolled.